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Planning for the future can provide important protection for your loved ones and help ensure your wishes are followed. The experienced Danville estate planning lawyers at Mette Attorneys at Law help individuals create personalized plans designed to address their unique goals, assets, and family circumstances. A comprehensive estate plan can provide direction for the management and distribution of your property while reducing potential confusion for your loved ones.
Revocable Living Trusts in Pennsylvania
At Mette Attorneys at Law, our legal team helps clients throughout Pennsylvania develop estate plans that provide security and peace of mind. Trusts can be an important component of an estate plan. The type of trust that is appropriate depends on your circumstances, the needs of your beneficiaries, and your long-term goals.
A revocable living trust allows you to maintain control over your assets during your lifetime while providing instructions for how those assets should be handled after your passing.
One of the primary benefits of a revocable living trust is that it can be modified or canceled if your circumstances change, while also allowing assets placed into the trust to avoid probate altogether, as they automatically transfer to the named beneficiary when you pass away.
However, because you maintain control over the trust assets, a revocable living trust generally does not provide asset protection from creditors and requires proper creation and funding to accomplish its intended goals.
Other Types of Trusts in Pennsylvania Estate Planning
In Pennsylvania, individuals can evaluate their needs with the help of their attorney to select the right trust for them. Other types of commonly used trusts include:
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Irrevocable trust. This generally cannot be changed or canceled after it is created. These trusts are often used for more advanced estate planning purposes, including preserving wealth for beneficiaries and potential tax planning. This type of trust is often used when an individual needs to qualify for Medicaid, as assets placed into an irrevocable trust legally belong to the trust and no longer count as part of your overall income.
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A special needs trust. This is designed to provide financial support for a beneficiary with disabilities while helping preserve eligibility for certain government assistance programs. This type of trust can allow a loved one to benefit from financial resources without directly interfering with their benefits.
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A testamentary trust. This is created through a will and becomes effective after your death. This type of trust is commonly used to manage assets for beneficiaries who may need additional protection when receiving an inheritance. For example, a parent may create a testamentary trust to provide financial support for minor children while appointing a trustee to manage the inherited assets until the children reach a certain age or milestone.
Our Estate Planning Lawyers in Danville, PA Can Help You Plan Ahead for the Future
Mette Attorneys at Law is committed to helping families create thoughtful estate plans that protect their interests. Contact our Danville estate planning attorneys today online or by calling 717-928-8424 to speak with us about your estate planning goals and learn how our legal services can help you move forward.